Real Estate U Final Exam Questions And Answers 100% Guaranteed Success.
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Course
Real Estate U
Institution
Real Estate U
Real Estate U Final Exam Questions And Answers 100% Guaranteed Success.
Article 12 A - correct answer. NYS Real Estate Property Law (1) Protect the public (2) Salesperson at least 18 (3) broker at least 20 years .
Sponsor - correct answer. Broker that holds salesperson license
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Real Estate U Final Exam Questions And
Answers 100% Guaranteed Success.
Article 12 A - correct answer. NYS Real Estate Property Law (1) Protect the public (2)
Salesperson at least 18 (3) broker at least 20 years .
Sponsor - correct answer. Broker that holds salesperson license
Summary of Submission - correct answer. Paper you get after registering for NYS
test. Bring to tes with you
Misedemanor - correct answer. Crime with no more than 1 year prison or $1,000 fine
Listing Agreement - correct answer. Agreement between salesperson and property
owner, allowing salesperson to provide services to the owner involving their porperty
Pocket Card - correct answer. Has salesperson photo, name, and business address
of broker. Carry at all times
Fiduciary - correct answer. Person responsible for other people's property and/or
funds
OLD CAR - correct answer. Obedience, Loyalty, Diclosure, Confidentiality,
Accountability, and Reasonable Care
Disclosure Regarding Real Estate Agency Relationship Form - correct answer. First
form given to clien that establishes the business relationship and understandings
Exclsive Agency - correct answer. When client agees that only one broker is going to
sell a property. Even if someone else sells, the exclusive agent is entitled to
commisions.
Principal - correct answer. Client / Propert owner or buyer
Price Fixing - correct answer. When multiple agents/brokers work together to
determine the price of a service so that noone can get a better of worse deal. Illegal
Independent Contractor - correct answer. Not an employee. Agrees to do something
for someon else based on a contract. Does not have to work anywhere specifically and
broker cannot control the person's activities
Bundle of Rights - correct answer. Ownership comes with an array of rights including
livign, leasing, selling (in part or whole). Includes quiet enjoyment
Littoral Rights - correct answer. Rights to water along a property
Riparian Rights - correct answer. Rights to running water along a property
Specifc Lien - correct answer. Lient against a specific asset, like a mortgage
Voluntary lien - correct answer. Voluntary lien against an asset, like a mortgage
tax Lien - correct answer. Involuntary lien against asset so that the asset owner has to
pay taxes
Easment - correct answer. A right to cross someone elses propoerty to get to yours
Encumberance - correct answer. Something that is in the way of clear title to a
propoerty
Affirmtive Easment Appurtenant - correct answer. A forced easment because of the
fact that someoen would not be able to get to their property without it.
Full Covenant and Warranty Deed - correct answer. Best kind. States that seller has
clear title
Quitclaim Deed - correct answer. Deed that states what the owner owns and what
he/she has thr right to.
Habednum Clause - correct answer. To have and to hold . Descirbes what a person
has if the person hold the deed
Deliver and Acceptance - correct answer. After deed is deliverd and accepted, it has
to be properly recorded
Chain of Title - correct answer. History of who has owned a speciifc title
Title - correct answer. Legal Term for ownership f the budle of rights in real estate
Closing Statement - correct answer. Document detailing fees, commisions, insurance,
etc tha makes a transaction vaid
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